Way2VAT Ltd (ASX:W2V) has completed the acquisition of DevoluIVA S.L.U., Spain's first fully digital solution for corporate expense and VAT recovery.
The company’s shares were trading about 14% higher intra-day, at 4 cents, following the completion of the revenue accretive acquisition.
The acquisition provides Way2VAT entry into the Spanish market, offering complementary domestic and foreign VAT and accounts payable services and supporting the rollout of the world's first Smart Spend Debit Mastercard through an established national network.
Way2VAT has issued 11,704,463 fully paid ordinary shares in the company to the vendors as completion consideration for the acquisition.